Saying "I Do" can be stressful enough, but if your caterer goes out of business, you could end up on the phone ordering Chinese takeout for 150 guests. Yikes. People want their wedding day to be perfect, but let's face it, odds are something could go wrong.
If being stuck with the bill for fortune cookies isn’t your cup of tea, here is an idea that takes (and saves) the cake: wedding insurance.
“Wedding insurance can provide peace of mind for a couple that their money will be recovered if a vendor or venue falls through at the last minute,” said Better Business Bureau president Kathy Barrett in a recent statement. “Soon-to-be newlyweds have a significant amount of money on the line and a vendor’s ‘Going out of Business’ sign can be fate worse than rain on their wedding day.”
What is wedding insurance?
According to the Insurance Information Institute, wedding and special event insurance will pay you for the cancellation of your event due to the death, injury or illness of people involved in the wedding such as your parents, your spouse’s parents or the person performing the ceremony. Moreover, you can also buy additional coverage that deal with calls to military service, the bankruptcy of a vendor, destruction of your gifts and cancellation or postponement of the wedding.
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While policies differ from company to company, a basic policy from insurers such as Travelers (Stock Quote: TVR) will cover the loss of photos or deposits on the venue. Other companies focus on special event insurance, such as Wedsafe or the Toluca Lake, Calif.-based R.V. Nuccio & Associates, Inc., which offers policies that cover professional counseling and host liquor liability.
